scholarly journals Regulated free banking in Switzerland (1881–1907)

2021 ◽  
Vol 157 (1) ◽  
Author(s):  
Nils Herger
Keyword(s):  
Money Supply ◽  
Free Banking ◽  
Banking History ◽  
Paper Money ◽  
History Of ◽  
Competition Period ◽  
Regulatory Interventions

AbstractThe free-banking history of Switzerland is subdivided into periods with unfettered competition (1826–1881), and strict banknote regulation (1881–1907). This paper suggests that the Federal Banknote Act of 1881 was introduced to remedy the fragmentation of the unfettered-competition period, during which private note-issuing banks were unable to issue standardised paper money. Although the corresponding minimum-reserve and mutual-acceptance rules led to a standardisation, they created new problems. For example, these regulatory interventions reduced the flexibility (or “elasticity”) of the paper-money supply. It turned out that a central note-issuing bank is needed to supply adequate amounts of standardised banknotes.

scholarly journals HERBERT SPENCER’S CASE FOR FREE BANKING

2021 ◽  
pp. 1-18
Author(s):  
George Bragues
Keyword(s):  
Nineteenth Century ◽  
Money Supply ◽  
Late Nineteenth Century ◽  
Free Banking ◽  
Herbert Spencer ◽  
Late Nineteenth ◽  
The Government

Though now almost entirely forgotten, Herbert Spencer was among the most widely read thinkers during the late nineteenth century. As part of his system of synthetic philosophy, Herbert Spencer addressed the topics of money and banking. This philosophic system articulates a concept of justice based on the principle of equal freedom. Invoking this principle, Spencer rejected a government-superintended regime of money and banking as unjust. Instead, he morally favored a system of free banking. Spencer also defended this system on economic grounds. His argument was that banks could be self-regulating in their management of the money supply, on the condition that the government limit its activities in the financial sphere to the enforcement of contracts. While Spencer’s case is not beyond questioning on philosophic and political grounds, he offers a distinctive and forceful analysis.

Banking and Economic Growth in Sweden before World War I

1978 ◽  
Vol 38 (3) ◽  
pp. 650-680 ◽  
Author(s):  
Lars G. Sandberg
Keyword(s):  
Economic Growth ◽  
World War I ◽  
International Comparisons ◽  
Banking System ◽  
Commercial Banking ◽  
World War ◽  
Paper Money ◽  
History Of

The article sketches the history of Swedish commercial banking from 1656 until World War I, with special attention to the post-1850 period. Emphasis is placed on the relationships between economic growth and banking. International comparisons based on the quantitative measures developed by Rondo Cameron and Raymond Goldsmith are made. It is concluded that at all stages of its early industrialization Sweden had a remarkably large and efficient banking system. This, in turn, was largely the result of the general population's long experience with banking and paper money and their generally high levels of literacy and education.

“Acting Directly on the People”

2019 ◽  
pp. 142-155
Author(s):  
David S. Schwartz
Keyword(s):  
Civil War ◽  
Supreme Court ◽  
Race Relations ◽  
Legal Tender ◽  
Interstate Commerce ◽  
Paper Money ◽  
Legislative Authority ◽  
The People ◽  
The Supreme Court ◽  
History Of

Post–Civil War nationalism meant a partial but significant reversion to prewar constitutionalism, recognizing federal legislative authority over “every foot of American soil” and implementing the antebellum Whig-nationalist economic agenda, but allowing states to retain, or regain control over race relations. The Supreme Court upheld the constitutionality of internal improvements, but declined to embrace implied commerce powers, suggesting instead (as in Gibbons v. Ogden) that the question involved the definition of interstate commerce as an enumerated power. The Court seemed to want to confine McCulloch v. Maryland to taxation, banking, and currency matters. The Legal Tender Cases, which relied on McCulloch to uphold the federal power to issue paper money, were a watershed in the history of implied powers, and were recognized as such at the time by many commentators. Yet the Supreme Court over the ensuing decade and a half seemed unwilling to follow through on McCulloch’s full implications.

scholarly journals Herbert Spencer's Case for Free Banking

2021 ◽  
Author(s):  
George Bragues
Keyword(s):  
Money Supply ◽  
19Th Century ◽  
Free Banking ◽  
Late 19Th Century ◽  
Herbert Spencer ◽  
The Government

Though now almost entirely forgotten, Herbert Spencer was among the most widely read thinkers during the late 19th century. As part of his system of synthetic philosophy, Herbert Spencer addressed the topics of money and banking. This philosophic system articulates a concept of justice based on the principle of equal freedom. Invoking this principle, Spencer rejected a government superintended regime of money and banking as unjust. Instead, he morally favored a system of free banking. Spencer also defended this system on economic grounds. His argument is that banks could be self-regulating in their management of the money supply, on the condition that the government limit its activities in the financial sphere to the enforcement of contracts. While Spencer’s case is not beyond questioning on philosophic and political grounds, he offers a distinctive and forceful analysis.

scholarly journals A competition period evaluation in the long jump events in terms of seasonal Variables: Creating prediction models

2021 ◽  
Vol 18 (2) ◽  
pp. 331-341
Author(s):  
Berfin Serdil Ors ◽  
Işık Bayraktar
Keyword(s):  
Prediction Models ◽  
Female Athletes ◽  
Polynomial Regression ◽  
Pearson Correlation ◽  
Correlation Coefficients ◽  
Male Athletes ◽  
Actual Performance ◽  
Long Jump ◽  
History Of ◽  
Competition Period

Aim: The purpose of training planning in performance sports is to achieve the desired performance in the target competition. Maintaining the desired performance in the major competition is the main subject of periodization. But at this point, the prediction of the season best, which will serve as a showcase for preparations, is a question as old as the history of training science for coaches. The aim of the study is to examine the variables in the competition period of female and male athletes participated in the top 100 places in the 2018 world lists in the long jump event, to compare by gender, and to create prediction models for the season best and season average performances (SPA) according to the average of first two performances (AF2P). Methods: Ages, total number of days in a season, the number of days between the competitions, total competitions, the number of competitions in which the season's best (SB) performance was achieved, the ratio of the SB to the total number of competitions, the percentages of the first, end, and average scores were analysed. Statistical comparison of female and male athletes was carried out using Independent Samples t-Test. To express the relationships between parameters Pearson correlation coefficients (r) were used. Besides, polynomial regression analysis was used. Finally, the quadratic equations were used to predict SB performance and SPA according to the AF2P. Findings: SB competition, season initial, AF2P, SB, SPA and season-end variables were found to be statistically different between genders. Season initial and SB showed significant relationships for both genders (women; r=0.68; p<0.001; men; r=0.51; p<0.001). AF2P explained 54% of the SB performance for women and 48% for men. Conclusion: The prediction model found in the current study to predict SB performance was applied to the male and female athletes from 2019 season. Models predicted the actual performance with an average of 1.15%. Depending on the close estimation of the actual SB performance of the models; It is thought that the prediction models will enable the trainers to predict the performance of their athletes in target competitions at the beginning of the season.   Özet Amaç: Performans sporlarında antrenman planlamasının amacı hedef yarışmada istenilen performansı yakalamaktır. İstenen performansın da majör yarışmada gerçekleştirilmesi periyodizasyonun ana konusudur. Fakat bu noktada hazırlıkların vitrini niteliğinde olacak sezonun en iyi derecesinin gerçekleşeceği öngörüsü antrenörler için antrenman bilim tarihi kadar eski bir sorudur. Çalışmanın amacı, uzun atlama branşında 2018 dünya listelerinde ilk yüz sırada yer alan kadın ve erkek sporcuların yarışma periyodundaki değişkenleri incelemek, cinsiyetlere göre karşılaştırmak, ilk iki performans ortalamasına göre sezonun en iyi ve ortalama performansları için tahmin modelleri oluşturmaktır. Metot: Çalışmada sporcuların yarışma verileri [yaş, bir sezondaki toplam gün sayısı (SGS), bir sezondaki toplam yarışma sayısı (TYS), sporcunun sezondaki en iyi derecesi (SB), SB performansının gerçekleştiği yarışma (SBY), sporcunun sezonun ilk iki yarışmasındaki performansının ortalaması (İ2PO), sezon en iyi derecesine göre; sezon ortalama (SORT), başlangıç (SBAŞ) ve bitiriş (SBİT) derecelerinin yüzde oranları] incelenmiştir. Parametreler arasındaki ilişkiler için pearson korelasyon (r) istatistiği, ilişkilerin belirleme katsayılarının (r2) bulunmasında polinom regresyonu, cinsiyete göre İ2PO’dan SB ve sezon ortalama performanslarının tahmin modellerinde karesel regresyon modeli kullanılmıştır. Bulgular: SBY, başlangıç, İ2PO, SB, SORT ve SBİT değişkenleri cinsiyetler arasında istatistiksel olarak farklı bulunmuştur. SBAŞ değerleriyle SB performansı arasında iki cinsiyet için anlamlı ilişkiler bulunmuştur (kadınlar; r=0,68; p<0,001; erkekler, r=0,51; p<0,001). İ2PO; kadınlarda SB performansının %54’ünü, erkeklerde; %48’ini açıklayabilmektedir. Sonuç: Çalışmada bulunan İ2PO’na göre SB tahmin modeli, 2019 yılında dünya listelerinde yer alan erkek ve kadın sporculara uygulandığında, modelin SB performansını ortalama %1,15 farkla tahmin ettiği görülmüştür. Modellerin gerçek SB performansını yakın tahmin edebilmesine bağlı olarak; tahmin modellerinin antrenörlerin sezon başında sporcularının hedef yarışmalardaki performanslarını öngörebilmelerine olanak sağlayacağı düşünülmektedir.

Money

2017 ◽  
Author(s):  
John Kenneth Galbraith ◽  
James K. Galbraith
Keyword(s):  
Global Economy ◽  
Precious Metals ◽  
Key Factors ◽  
Paper Money ◽  
Monetary Systems ◽  
History Of ◽  
The Subject ◽  
The Creation

Money is nothing more than what is commonly exchanged for goods or services, so why has understanding it become so complicated? This book cuts through the confusions surrounding the subject to present a compelling and accessible account of a topic that affects us all. It tells the fascinating story of money, the key factors that shaped its development, the forces contending for control of money, and the lessons that can be learned from its history. The book describes the creation and evolution of monetary systems and explains how finance, credit, and banks work in the global economy. It also shows that, when it comes to money, nothing is truly new—least of all inflation and fraud. The book discusses the history of coins made of precious metals, the the history of paper money, the history of banks, and more.

Politics, Central Bank, Monetary Regime and Government Bankruptcy

2021 ◽  
pp. 277-297
Author(s):  
Peter Bernholz
Keyword(s):  
World War I ◽  
Money Supply ◽  
Price Level ◽  
Developed Countries ◽  
Necessary Condition ◽  
Paper Money ◽  
Institutional Settings ◽  
The Great Depression ◽  
Monetary Regime ◽  
Sustained Inflation

The damages and suffering caused by inflation during the course of history are enormous. Still, the worst excesses of inflation occurred not before the 20th century. This development was a consequence of the further technical development of money from coins to paper money and book money together with changes in the monetary regime or constitution ruling supply and control of money. Sustained inflation has always been a mone-tary phenomenon in the sense that the increase of the money supply is a necessary condition for its occurrence. Moreover, if an increase of the money supply is permanently outstripping the growth of real gross domestic product it is also a sufficient condi-tion for inflation. But that is not the whole story. For it has still to be asked which are the factors and institutional settings that allow the excessive growth of the money supply. And here historical evidence provides a clear answer (Figure 1). During the rule of the gold and silver standards until the outbreak of the World War I or after the restoration of it until the Great Depression of the 1930s no upward trend of the price level, but only long-term swings can be observed. But after the demise of the convertibility of banknotes into gold at a fixed parity and thus the introduction on a discretionary paper money standard the price level rises dramatically even in the respective developed countries.

The Theory of Free Banking: Money Supply under Competitive Note Issue.

1991 ◽  
Vol 23 (2) ◽  
pp. 272 ◽  
Author(s):  
Richard H. Timberlake ◽  
George Selgin
Keyword(s):  
Money Supply ◽  
Free Banking
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